TPXimpact Holdings PLC (AIM:TPX) shares climbed 14% in Friday’s early deals as it secured a covenant waiver from its lender, for an existing £30mln revolving credit facility, and told investors trading was in line with expectations through January and February.
The ‘digital transformation’ services company, in a statement, highlighted that “momentum in new orders has continued” in the fourth quarter of its financial year, with new business wins of £30mln in the three-month period.
Along with agreeing to the waiver, the company’s lender is now reviewing the business.
“TPXimpact's lender is currently undertaking a review of the Group's short and medium term cash flow forecasts, the outcome of which will determine the nature and extent of future waivers. A further update will be provided when this review is concluded,” the company noted.
In London, TPXimpact shares were up 3.94p or 13.84% changing hands at 32.44p each.